Energy and hotel conglomerate Loews said its profits fell 57% in the second quarter as its subsidiary Diamond Offshore Drilling, which is one of the top offshore rig contractors, struggled.

Energy and hotel conglomerate Loews said its profits fell 57% in the second quarter as its subsidiary Diamond Offshore Drilling, which is one of the top offshore rig contractors, struggled. Profit came in at 30 cents a share. That's a big drop from the 69 cents a share from a year earlier and well below estimates. Revenue fell slightly to under $3.6 billion. Loews is majority owned by New York's Tisch family. One of its most important units, Diamond Offshore, has seen a decline in the number of drilling contracts. Some of Diamond's customers put off drilling in the North Sea region in the winter months. But, there were units that did well. CNA Financial Corp, for example, grew rapidly in the property and casualty insurance business. Its net income rose more than 30% to $267 million. TheStreet's Julia Sun reports from New York.